Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Advertising and Sponsorship
    • Profile & Readership
    • Contact Us
    • Latest News
    • Privacy & Cookies Policies
    • Terms of Use
    • Advertising Terms
    • Issue 81
    • Issue 80
    • Issue 79
    • Issue 78
    • Issue 77
    • Issue 76
    • Issue 75
    • Issue 74
    • Issue 73
    • Issue 72
    • Issue 71
    • Issue 70
    • View All
    • About the Awards
    • Awards Timetable
    • Awards Winners
    • Submit Nominations
    • Testimonials
    • Media Room
    • FAQ
    • Asset Management Awards
    • Brand of the Year Awards
    • Business Awards
    • Cash Management Banking Awards
    • Banking Technology Awards
    • CEO Awards
    • Customer Service Awards
    • CSR Awards
    • Deal of the Year Awards
    • Corporate Governance Awards
    • Corporate Banking Awards
    • Digital Transformation Awards
    • Fintech Awards
    • Education & Training Awards
    • ESG & Sustainability Awards
    • ESG Awards
    • Forex Banking Awards
    • Innovation Awards
    • Insurance & Takaful Awards
    • Investment Banking Awards
    • Investor Relations Awards
    • Leadership Awards
    • Islamic Banking Awards
    • Real Estate Awards
    • Project Finance Awards
    • Process & Product Awards
    • Telecommunication Awards
    • HR & Recruitment Awards
    • Trade Finance Awards
    • The Next 100 Global Awards
    • Wealth Management Awards
    • Travel Awards
    • Years of Excellence Awards
    • Publishing Principles
    • Ownership & Funding
    • Corrections Policy
    • Editorial Code of Ethics
    • Diversity & Inclusion Policy
    • Fact Checking Policy
    Original content: Global Banking and Finance Review - https://www.globalbankingandfinance.com

    A global financial intelligence and recognition platform delivering authoritative insights, data-driven analysis, and institutional benchmarking across Banking, Capital Markets, Investment, Technology, and Financial Infrastructure.

    Copyright © 2010-2026 - All Rights Reserved. | Sitemap | Tags

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    1. Home
    2. >Business
    3. >Retail: When the race to win pounds heats up, amazing customer experience becomes a secret weapon.
    Business

    Retail: When the Race to Win Pounds Heats Up, Amazing Customer Experience Becomes a Secret Weapon.

    Published by Jessica Weisman-Pitts

    Posted on August 22, 2022

    6 min read

    Last updated: February 4, 2026

    Add as preferred source on Google
    This image illustrates a customer navigating a digital shopping platform, reflecting the evolving retail landscape. As consumer behaviors shift due to economic pressures, enhancing customer experience becomes vital for retailers.
    Customer engaging with digital shopping platform amidst retail changes - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:customersretail tradeecommercefinancial managementconsumer perception

    By Elissa Quinby, Snr director, Global Retail Insights, Quantum Metric

    Levels of consumer uncertainty are obscenely high in the UK, unsurprisingly impacting the way people spend their money, particularly when it comes to shopping. The cost of living crisis and rapidly rising inflation alongside political and geo-political uncertainty have led to downtrends in overall spending, with cutbacks in the frequency of purchases. Indeed, data from our own benchmarking survey revealed that weekly eCommerce conversion rates declined 12% between May and July 2022.

    With higher prices leading to a change in shopping habits, 37% of consumers are now pre-planning and buying goods all at once, in an effort to stick to their budgets. eCommerce retailers are therefore facing a new challenge, whereby one unsatisfactory experience may threaten a purchase, steering people away indefinitely. With that in mind, keeping customers happy with frictionless customer experiences has become more important than ever.

    The impact of Covid

    That being said, providing a seamless customer experience (CX) isn’t a new phenomenon – the pandemic put it firmly on the agenda, with people adapting to digital out of necessity. As the world moved online, consumers became increasingly demanding, with CX a differentiator.

    The shift to digital-first is set to stay – around 70% of Brits prefer to buy online and via mobile, up from less than 50% pre-Covid. Couple that with less predictable patterns of consumer behaviour and economic uncertainty breeding cautious customers, and offering standout CX is now a deal breaker for retailers.

    Value as a driving factor

    To remain competitive, retailers must provide value. That may sound obvious, but it doesn’t just mean offering high-quality goods at the ‘best’ prices. Budget-conscious shoppers also want knockout experiences, where digital journeys are intuitive, smooth and fast. Supporting that is our latest survey data, highlighting that 27% of consumers are seeking a best-in-class digital experience.

    During periods of high inflation, costs are somewhat out of a retailer’s control. One of the few things they can positively influence is customers’ shopping experiences, including browsing, searching, checkout, and post-purchase support.

    Combatting economic uncertainty

    At the moment, people are making tough and emotional purchasing decisions. According to Deloitte’s Q2 2022 Consumer Tracker, confidence is at its lowest level on record, with essential spending down two percentage points and discretionary expenditure five percentage points lower compared with Q1 2022.

    At the same time, eCommerce retailers are faced with cutting their own costs while trying to retain and attract customers. The latter involves using data-driven insights to identify friction in online journeys, pinpointing where shoppers may be dropping off or why they’re abandoning their shopping carts.

    Perhaps people aren’t getting the information they need from a website, or maybe it isn’t user-friendly. Alternatively, pages may be overly cluttered and customer journeys too long and inefficient. Meanwhile, glitchy sites raise security concerns and slow load times may lead customers to fear their payment will fail. Only by understanding that friction like that is occurring can remedial action be taken.

    UX and personalised touchpoints

    As well as identifying and fixing pain points, the user experience (UX) can be further improved by experimenting with design. Here, testing and technologies like AI come into play, helping retailers understand how customers engage with their website, enabling them to better serve their ever-evolving needs.

    On the flip side, there’s consumer frustration to consider. Experimentation can be effective, but with fewer opportunities to win customers because of squeezes in spending power, people don’t want to feel confused by regularly changing design layouts and signposting. As a result, accompanying UX updates with clear and effective communications is key. But for consistent improvement, small iterations are the best way forward. They’re rarely noticed but each one takes the overall experience closer to being friction-free.

    Alongside this, today’s consumers expect increasingly customised digital experiences. In recessionary times when people are thinking even more about budgets and switching to cheaper white label brands, offering tailored recommendations and promotions are particularly important. Why? They help foster loyalty and higher customer lifetime values (CLVs).

    Omnichannel and its impact on CX

    Another focus area for retailers is developing and enhancing their omnichannel retail strategy. While outstanding online CX is crucial, businesses should ensure the customer experience is consistent and coordinated across desktop, tablet, mobile and physically in-store.

    All channels should work in tandem to understand what individuals want and need – ideally before they’re aware of it themselves. Achieving that requires a multi-pronged approach that seamlessly caters to all combinations of consumer purchasing preferences.

    For example, a person may start by researching a product on their laptop before visiting a physical shop to see it in real life, followed by a period of consideration before finally purchasing on their mobile device. In this scenario, retailers need to use data insights to audit cross-device journeys and understand friction points. That way, guesswork is removed and action can be taken to improve the experience based on evidence.

    Longer sales cycles

    This example also reflects another key pattern of consumer behaviour in retail: inflationary pressure has led to longer and more erratic sales cycles, with people taking their time making purchasing decisions. This could mean browsing today, and creating wishlists, watch lists, or just stacking baskets, waiting for the right time to buy.

    It also means that large events like Christmas are being accounted for in shopping patterns much earlier than usual: around 66% of consumers had already started their Christmas planning before the end of July. Festive shopping has turned from a November and December mad-rush into a six-month or more event, meaning retailers have to offer year-round exceptional CX if they’re to stay competitive.

    Keeping customers happy

    Economic uncertainty isn’t going away anytime soon. As eCommerce retailers look ahead, thoughts undoubtedly turn to consumer behaviour patterns and people’s reduced spending power. The shopping experience has become increasingly mindful and stressful, meaning attracting and retaining customers is more important than ever.

    To do that effectively, it’s all about making the purchase experience effortless and friction-free, ensuring people don’t take their business elsewhere. When pounds are sparse, competition for each and every customer becomes all the more ferocious.

    Frequently Asked Questions about Retail: When the race to win pounds heats up, amazing customer experience becomes a secret weapon.

    1What is customer experience?

    Customer experience refers to the overall perception a customer has of a brand based on their interactions across all touchpoints, including online and in-store experiences.

    2What is eCommerce?

    Ecommerce is the buying and selling of goods and services over the internet, allowing consumers to shop online from various retailers.

    3What is omnichannel retail?

    Omnichannel retail is a sales approach that provides customers with an integrated shopping experience across multiple channels, including online, mobile, and physical stores.

    4What is consumer behavior?

    Consumer behavior is the study of how individuals make decisions to spend their resources on consumption-related items, influenced by various factors like economic conditions.

    5What is user experience (UX)?

    User experience (UX) refers to the overall experience a user has when interacting with a product or service, focusing on usability, accessibility, and pleasure.

    More from Business

    Explore more articles in the Business category

    Image for Submit Your Entry for Years of Excellence Awards 2026
    Submit Your Entry for Years of Excellence Awards 2026
    Image for Nominations Open for Travel & Hospitality Awards 2026
    Nominations Open for Travel & Hospitality Awards 2026
    Image for Submit Your Entry Today for Telecom Awards 2026
    Submit Your Entry Today for Telecom Awards 2026
    Image for Submit Your Entries for The Next 100 Global Awards 2026
    Submit Your Entries for the Next 100 Global Awards 2026
    Image for Submit Your Entry: Public Sector & Governance Excellence Awards 2026
    Submit Your Entry: Public Sector & Governance Excellence Awards 2026
    Image for Nominations Invited for Real Estate Development Awards 2026
    Nominations Invited for Real Estate Development Awards 2026
    Image for Submit Your Entry: Process & Product Awards 2026
    Submit Your Entry: Process & Product Awards 2026
    Image for Call for Entries: HR & Recruitment Awards 2026
    Call for Entries: HR & Recruitment Awards 2026
    Image for Submit Your Nominations Today for Education & Training Awards 2026
    Submit Your Nominations Today for Education & Training Awards 2026
    Image for Join the Corporate Governance Awards 2026: Showcase Your Organisation’s Leadership
    Join the Corporate Governance Awards 2026: Showcase Your Organisation’s Leadership
    Image for Submit Your Entry Today for Business Awards 2026
    Submit Your Entry Today for Business Awards 2026
    Image for Decentralized Masters’ ‘family culture’ building trust instead of hierarchy
    Decentralized Masters’ ‘family Culture’ Building Trust Instead of Hierarchy
    View All Business Posts
    Previous Business PostNew Research From Impact.com Shows Shifting Power Dynamic That Puts Influencers at the Centre of the Brand-Consumer Relationship
    Next Business PostWhy Organisations Must Prioritise Workers Comfort in the Office